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Pound to Rand Exchange Rate Rises as Gupta Scandal Continues to Drag on ZAR

Published: 21 Aug at 4 PM Tags: Pound Sterling, Euro Exchange Rate, Forex, Euro Crisis, Yen Exchange Rate, Rand Exchange Rate, UK, Economy, Inflation,

Pound to Rand Trading Accelerates after More Brexit ‘Position Papers’ Come Out

The Pound has risen by 0.5% against the South African Rand today, although this is primarily because of Rand weakness.

The only UK news to speak of has been political, focusing on the UK government’s plans for the country after Brexit.

Recent so-called ‘position papers’ have covered UK-EU trading arrangements, along with maintaining a stream of shared information between the two entities.

On the one hand, UK Brexit Secretary David Davis has declared that;

‘These papers will help give businesses and consumer’s certainty and confidence in the UK's status as an economic powerhouse after we have left the EU’.

Countering this assertion, however, has been European Commission spokesman Alexander Winterstein. Specifically, Winterstein has objected to trade-related papers being published so soon, because this is out of sync with the EU timeline for negotiations.

The Pound could appreciate of its own volition on Tuesday morning, if UK government borrowing figures show a move from a deficit to surplus range.

South African Rand Tumbles on Further Gupta Implications

The Rand’s recent slump against the Pound follows the news that a number of high-profile South African officials and figures were in Dubai during December 2015.

While not exceptional news in itself, the key angle on this story is that the controversial Gupta family were also present in Dubai at that time.

South Africa’s inveterate President, Jacob Zuma, has been linked with the wealthy Gupta family in the past and news of other South African officials being close to the family has shattered trader confidence.

Among those that traveled to Dubai in December were Mineral Resources Minister Mosebenzi Zwane, Zuma’s own son Duduzane Zuma and David Van Rooyen, freshly fired as Minister of Finance.

Amid ongoing accusations that the Guptas have an intense level of control over South African politics, the news has done little to shore up faith in the battered national economy.

Looking ahead, the Rand may decline against the Pound if national inflation falls on Wednesday. Forecasts have been for a slowdown in base annual inflation, which would be a move away from the South African Reserve Bank (SARB) maximum inflation target range.